What is ATM?
ATM (Automated Teller Machine) is the electronic machine used to deposit or withdraw cash from bank and is operated by a customer himself. An ATM card is provided by the bank to the customer for operating ATM. It is a plastic card which can be read by the machine and is magnetically coded.
To operate the card the customer has to insert it in the machine and then enter the password (numbers). The permission of withdrawal or deposit is granted to the customer if the password is correct. The card is ejected from the ATM on completion of the transaction.
Advantages of ATM:
1. ATM Gives Convenience
The convenience to the customers is provided by the ATMS. Location of ATM is there at convenient places like the airports, railway stations, etc. Installation of ATMs is done on both off-site and on site. Mobility in banking services is provided by ATM.
2. ATM is Very Beneficial for Travellers
A great help is provided to the travellers by ATM. Carrying large amount of cash is reduced by it. ATM can help withdrawal of cash from across the country or from outside also.
3. ATM May Give Customers New Currency Notes
ATM does not provide soiled notes i.e., new currency is provided to the customer from ATM.
4. ATM Provide Service Without Any Error
An exact amount can be obtained from the ATM and there is no human error.Therefore, it provide service without error.
5. ATM Provides 24 hours Service
There can be a limited amount of cash withdrawal from ATM during any time of the day or night which is round the clock service.
6. ATM Provides Privacy in Banking Transactions
All the transactions by the customer are privately protected.
7. ATM Reduces The Workload
Queues in the bank premises are avoided and work pressure on bank’s staff is reduced.